Flensburg-built LOCH SEAFORTH, which operates the route between Ullapool and Stornoway, was financed by Lloyds Banking Group and has been leased to CMAL for the past five years through an operational lease agreement.
“Purchasing the Loch Seaforth outright will also bring considerable financial benefits by delivering savings to the public purse over the longer term when compared with a more expensive leasing arrangement,” said Minister for Energy, Connectivity and the Islands, Paul Wheelhouse.
When plans for a replacement vessel were approved by the Scottish Government in 2011, CMAL sought proposals for funding in the form of lease options from banks and other financial institutions to finance procurement of the vessel. Following a tender process governed by EU procurement rules, Lloyds Banking Group was appointed to provide the operating lease.